Pelican Imaging, a startup that focuses on smartphone camera technology, has just raised $10 million in a Series B round led by Globespan Capital Partners.
Previous investors Granite Ventures, InterWest Partners and IQT, also joined this round.
All told, Pelican has now raised north of $17 million in the last two years, after a $7 million Series A round in August 2009 and a strategic investment from IQT in July 2010 (for an undisclosed amount).
According to Pelican Imaging, it specializes in “computational cameras.” In layman’s terms, the startup has been working on hardware and software technology to help smartphone cameras effectively balance compact design and the need for high resolution images. Its suite of solutions (which includes patent-pending algorithms and specialized sensors) apparently addresses issues like “low-light sensitivity, dynamic range, white balance, anti-shake, near focus, and low-power photography,” the company says on its site.
“Pelican Imaging’s computational camera addresses the key pain points associated with conventional camera phones – the height of the camera module, poor image quality and a limited user-experience – targeting a rapidly growing market that currently exceeds $4 billion,” Globespan’s co-founder and executive managing director Barry Schiffman said in a statement. With this latest round, Schiffman will also join Pelican’s board of directors.
Pelican Imaging Corporation is a venture-backed software start-up in the business of commercializing computational cameras for the smartphone market. The company is developing a new camera technology that directly addresses the challenges posed by conventional camera design and small pixels. Investors include Globespan Capital Partners, Granite Ventures, InterWest Partners, and IQT.
Globespan Capital Partners is a global venture capital firm with over $1 Billion under management. Globespan primarily invests in go-to-market rounds of information technology, Internet and mobile companies. Our investment team has a proven track record of effectively working with entrepreneurs, top tier co-investors and strategic partners to help build market-leading companies. In addition, our dedicated Asian Business Development team provides unparalleled access to Asian markets offering a compelling advantage to our entrepreneurs. With offices in...
InterWest invests an average of about $7 - 15 million over the span of their involvement with each company in their portfolio. They invest in companies through the full range of venture investment stages, and investments may be staged over several rounds of financing. Although they generally begin their involvement in the early stages of a company’s development, they pursue attractive opportunities based on their individual merits rather than their investment stage.
Granite Ventures has been helping early-stage technology companies build solid foundations for success since 1992. They focus their investments on two sectors where their partners have deep domain expertise, broad industry knowledge, and significant investment experience: Communications and Components and Software. Granite has managed over $1 billion in venture capital and has invested in more than 90 private companies. They partner with promising and successful entrepreneurs to create businesses that have a competitive edge and help them achieve category leadership.
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